Sale of Times-News finalized

Published: Friday, January 6, 2012 at 6:31 p.m.

Last Modified: Friday, January 6, 2012 at 6:31 p.m.

The New York Times Co. and Halifax Media Holdings LLC announced on Friday the finalization of the sale of 16 newspapers, including the Times-News.

Daytona Beach, Fla.-based Halifax Media purchased the New York Times Regional Media Group for $143 million in cash.

In 2010, an investment group that includes Stephens Capital Partners LLC, Jaarss Media and Redding Investments formed Halifax Media, and the company purchased the Daytona Beach News-Journal the same year.

During a conference call with reporters Friday afternoon, Michael Redding, CEO of Halifax Media, said the company was impressed with the quality of the news publications and the position of each within its community.

Redding said the company sees the future of the news business as local news, saying that Halifax can potentially bring a perspective and resources to each of the 16 publications.

"But I can tell you the commitment to local news is everything," Redding said.

"Halifax is a company that believes in a strong local franchise, a quality news report, and active participation within the community it serves," Times-News Publisher Ned Cowan said Friday. "We look forward to their guidance and leadership."

In addition to the Times-News, the following publications were included in the sale: the Sarasota Herald-Tribune in Sarasota, Fla.; The Press Democrat in Santa Rosa, Calif.; The Ledger in Lakeland, Fla.; Star-News in Wilmington, N.C.; Herald-Journal in Spartanburg, S.C.; Star-Banner in Ocala, Fla.; The Gainesville Sun in Gainesville, Fla.; The Tuscaloosa News in Tuscaloosa, Ala.; The Gadsden Times in Gadsden, Ala.; The Courier in Houma, La.; Daily Comet in Thibodaux, La.; The Dispatch in Lexington, N.C.; Petaluma Argus-Courier in Petaluma, Calif.; News Chief in Winter Haven, Fla.; and North Bay Business Journal in Santa Rosa, Calif.

In total, the newspapers have a Monday-to-Friday circulation of more than 433,000 and nearly 1,800 full-time employees.

<p>The New York Times Co. and Halifax Media Holdings LLC announced on Friday the finalization of the sale of 16 newspapers, including the Times-News.</p><p>Daytona Beach, Fla.-based Halifax Media purchased the New York Times Regional Media Group for $143 million in cash. </p><p>In 2010, an investment group that includes Stephens Capital Partners LLC, Jaarss Media and Redding Investments formed Halifax Media, and the company purchased the Daytona Beach News-Journal the same year.</p><p>During a conference call with reporters Friday afternoon, Michael Redding, CEO of Halifax Media, said the company was impressed with the quality of the news publications and the position of each within its community.</p><p>Redding said the company sees the future of the news business as local news, saying that Halifax can potentially bring a perspective and resources to each of the 16 publications.</p><p>"But I can tell you the commitment to local news is everything," Redding said. </p><p>"Halifax is a company that believes in a strong local franchise, a quality news report, and active participation within the community it serves," Times-News Publisher Ned Cowan said Friday. "We look forward to their guidance and leadership."</p><p>In addition to the Times-News, the following publications were included in the sale: the Sarasota Herald-Tribune in Sarasota, Fla.; The Press Democrat in Santa Rosa, Calif.; The Ledger in Lakeland, Fla.; Star-News in Wilmington, N.C.; Herald-Journal in Spartanburg, S.C.; Star-Banner in Ocala, Fla.; The Gainesville Sun in Gainesville, Fla.; The Tuscaloosa News in Tuscaloosa, Ala.; The Gadsden Times in Gadsden, Ala.; The Courier in Houma, La.; Daily Comet in Thibodaux, La.; The Dispatch in Lexington, N.C.; Petaluma Argus-Courier in Petaluma, Calif.; News Chief in Winter Haven, Fla.; and North Bay Business Journal in Santa Rosa, Calif.</p><p>In total, the newspapers have a Monday-to-Friday circulation of more than 433,000 and nearly 1,800 full-time employees.</p>